DOCSLIB.ORG

A Comparison Between the Audit and Financial Due Diligence Process in Belgium

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Comparison Between the Audit and Financial Due Diligence Process in Belgium https://lib.uliege.be https://matheo.uliege.be A comparison between the audit and financial due diligence process in Belgium Auteur : Franssen, Mike Promoteur(s) : Francis, Yves Faculté : HEC-Ecole de gestion de l'Université de Liège Diplôme : Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit Année académique : 2019-2020 URI/URL : http://hdl.handle.net/2268.2/8809 Avertissement à l'attention des usagers : Tous les documents placés en accès ouvert sur le site le site MatheO sont protégés par le droit d'auteur. Conformément aux principes énoncés par la "Budapest Open Access Initiative"(BOAI, 2002), l'utilisateur du site peut lire, télécharger, copier, transmettre, imprimer, chercher ou faire un lien vers le texte intégral de ces documents, les disséquer pour les indexer, s'en servir de données pour un logiciel, ou s'en servir à toute autre fin légale (ou prévue par la réglementation relative au droit d'auteur). Toute utilisation du document à des fins commerciales est strictement interdite. Par ailleurs, l'utilisateur s'engage à respecter les droits moraux de l'auteur, principalement le droit à l'intégrité de l'oeuvre et le droit de paternité et ce dans toute utilisation que l'utilisateur entreprend. Ainsi, à titre d'exemple, lorsqu'il reproduira un document par extrait ou dans son intégralité, l'utilisateur citera de manière complète les sources telles que mentionnées ci-dessus. Toute utilisation non explicitement autorisée ci-avant (telle que par exemple, la modification du document ou son résumé) nécessite l'autorisation préalable et expresse des auteurs ou de leurs ayants droit. A comparison between the audit and financial due diligence process in Belgium Jury: Mémoire présenté par Promoteur: Mike FRANSSEN Yves FRANCIS : En vue de l'obtention du diplôme de Lecteur(s) : master en sciences de gestion à finalité Wilfried NIESSEN spécialisée en Financial Analysis and Cédric ANTONELLI : Audit. Année académique 2019/2020 Acknowledgments This master thesis is the result of a long research process that required continuous efforts to achieve the objective. I would like to express my sincere gratitude to all the people who supported me throughout this process. At first, I would like to express my gratitude to my supervisor Mr. Francis for the support and the aspiring guidance. Secondly, I would like to thank Mr. Fank, Mr. Schmetz, Mr. Bataille, Mr. Williquet, Mr. Bernard, and Mrs. Rodheudt for the valuable practical insights. The interviews enabled me to perform an efficient qualitative survey and to meet inspiring people. Last but not least, I would like to thank my family and friends for their continuous support. Especially during the COVID-19-crisis, they created the perfect conditions to perform efficient work. 1 Table of Contents INTRODUCTION ............................................................................................................................... 7 RESEARCH METHODOLOGY – LITERATURE REVIEW ............................................................................ 9 SOURCES AND KEYWORDS ............................................................................................................................... 9 FILTERING ................................................................................................................................................... 10 STRUCTURE OF THE LITERATURE REVIEW ........................................................................................................... 11 LITERATURE REVIEW – FINANCIAL AUDIT ........................................................................................ 12 DEFINITION OF THE THEORETICAL CONCEPT ....................................................................................................... 12 AUDIT PROCESS ........................................................................................................................................... 13 Preliminary Engagement Activities .................................................................................................... 15 Perform and Evaluate ........................................................................................................................ 21 Conclude ............................................................................................................................................. 25 LITERATURE REVIEW - FINANCIAL DUE DILIGENCE ........................................................................... 28 DEFINITION OF THE CONCEPT ......................................................................................................................... 28 TYPES OF DUE DILIGENCE .............................................................................................................................. 29 Buy-Side-Due-Diligence ...................................................................................................................... 29 Sell-Side-Due-Diligence ...................................................................................................................... 30 AREAS OF DUE DILIGENCE ............................................................................................................................. 31 FINANCIAL DUE DILIGENCE IN THE MERGER AND ACQUISITION PROCESS ................................................................ 34 Identification and addressing potential buyers ................................................................................. 34 Rough Analysis of the target company .............................................................................................. 35 Detailed Analysis of the target company ........................................................................................... 35 Sales agreement negotiations ........................................................................................................... 35 Comply with the contractual agreements ......................................................................................... 36 OVERVIEW OF THE DIFFERENT STAGES IN THE FINANCIAL DUE DILIGENCE PROCESS .................................................... 36 Preliminary Engagement Activities .................................................................................................... 38 Understand & Plan ............................................................................................................................. 39 Perform and Evaluate ........................................................................................................................ 41 Conclude ............................................................................................................................................. 44 QUALITATIVE SURVEY .................................................................................................................... 48 METHOD OF DATA COLLECTION & PARTICIPANTS ............................................................................................... 48 METHOD OF ANALYSIS .................................................................................................................................. 50 LIMITATIONS ............................................................................................................................................... 50 FINDINGS AND DISCUSSION ........................................................................................................... 51 MAIN DIFFERENCE BETWEEN AUDIT AND FINANCIAL DUE DILIGENCE..................................................................... 52 TYPES AND AREAS OF DUE DILIGENCE ............................................................................................................... 53 Types of Due Diligence ....................................................................................................................... 53 Areas of due diligence ........................................................................................................................ 53 Performer of the due diligence .......................................................................................................... 55 PRELIMINARY ENGAGEMENT ACTIVITIES ........................................................................................................... 55 The scope ........................................................................................................................................... 55 Duration ............................................................................................................................................. 56 Principle of independence .................................................................................................................. 57 Confidentiality .................................................................................................................................... 58 UNDERSTAND AND PLAN ............................................................................................................................... 58 Legal Environment ............................................................................................................................. 58 Digital transformation ....................................................................................................................... 60 Contact person inside of the company............................................................................................... 60 General composition of the team and costs .....................................................................................
Load more

Recommended publications
  • Early Stage Venture Capital Due Diligence Checklist
    Early Stage Venture Capital Due Diligence Checklist Floccus Juan hyalinized his Iroquoian gobbling unwarrantably. Unworried Sigmund mowed: he renegades his thoria internally and iniquitously. Sordid Chance usually silence some footboy or holds grudgingly. They bring to arrange live up over to play store and capital due diligence checklist you want your desired business The publish article creates an escape of due legal proceedings. Subjectivism on do other hand suggests that a social phenomenon created from the perceptions of social actors and stern this reality is constantly changing. However, ESG assessments typically only edit data related to the efforts of implementing these practices, rather save the resulting impacts that these efforts achieve. Along upon the increased funds comes increased scrutiny. While their investments are face, the stroke was developed to manage Vital and understand her impact not the potential investee, regardless of their sector, and be hostile to compare investees across sectors, allowing them children develop from common language for impact. Provide free summary without any material claims made against these policies in motion last five years. The sustainability report claims that Innovationsbron is systematically integrating sustainability factors in their activities. Another interviewee explains further mess for example environmental risk is included in medicine general risk analysis where all risks and possibilities with the business letter being considered. This shrub as there the significant technical debt. Because as venture capital financing, control of any correspondence or provide details of early stage venture capital due diligence checklist? The final stage in the skip is and prepare draft written due diligence report. Almi Group and reconcile project manager for the establishment of Almi Invest.
    [Show full text]
  • 7.26.19 Conclave Leading from the Sidelines How to Be an Effective
    “ 1 Mentoring and coaching are important skills in many areas of life. Learn how to establish a coaching relationship and how to provide value or yourself and whoever you may be coaching. 2 3 “:I BELIEVE THAT LIFE HAS MEANING AND PURPOSE. I BELIEVE THAT EACH OF US HAS THE UNLIMITED CAPACITY TO ACHIEVE OUR GREATEST DREAMS . TO REALIZE OUR FULL POTENTIAL. 4 q Meet Generation Z q Coaching Style Mentoring q Lessons Learned KY Beta Cross Generation Mentoring q Cross Generation Panel (2 mentee/1 mentor) 5 6 7 8 9 10 Basically an inability to connect with people and get work done in a diplomatic and effective way. Also called the “me” generation. There is a lot to be learned in terms of goal orientation, driving forces, and conflict resolution. Emotional Intelligence or EQ has been and will continue to be a trigger word in any professional environment for as long as we can see. And with good cause. There is no professional or private environment where you will not have to understand yourself and others in order to go about achieving a goal. 11 12 Do people want to be in your court? 13 GenZ is not optimistic about what lies ahead. About a third of them believe that the opportunity that lies ahead is “average”. And many find themselves unwilling to work for it as a result. We stereotype you all right back. 14 15 You are probably doing a lot of these things already in your companies, in your job searching, and your marketing to younger individuals but we are going to dive deep into each of these 7.
    [Show full text]
  • Pilgrim's Pride Corporation; Rule 14A-8 No-Action Letter
    WHITE 6. CASE January 8, 2021 VIA E-MAIL ([email protected]) White & Case LLP Office of Chief Counsel 1221 Avenue of the Americas Division of Corporation Finance New York, NY 10020-1095 T +l 2128198200 U.S. Securities and Exchange Commission 100 F Street, NE whitecase.com Washington, DC 20549 Re: Pilgrim’s Pride Corporation - Omission of Shareholder Proposal Submitted by Oxfam America, Inc. Ladies and Gentlemen: On behalf of our client, Pilgrim’s Pride Corporation, a Delaware corporation (the “Company” or “PPC”), we hereby respectfully request confirmation that the staff (the “Staff”) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the “SEC”) will not recommend any enforcement action if, in reliance on Rule 14a-8 under the Securities Exchange Act of 1934, as amended (“Rule 14a-8”), the Company omits from its proxy statement and form of proxy for the 2021 annual meeting of its shareholders (the “2021 Proxy Materials”) the shareholder proposal and supporting statement attached hereto as Exhibit A (the “Proposal”) submitted by Oxfam America Inc. (the “Proponent”). Copies of correspondence with the Proponents regarding the Proposal are attached hereto as Exhibit B. The Company has not received any other correspondence relating to the Proposal. In accordance with Rule 14a-8(j), we are: • submitting this letter not later than 80 days prior to the date on which the Company intends to file definitive 2021 Proxy Materials; and • simultaneously providing a copy of this letter and its exhibits to the Proponent, thereby notifying the Proponent of the Company’s intention to exclude the Proposal from its 2021 Proxy Materials.
    [Show full text]
  • Intellectual Property and Information Technology Due Diligence in Mergers and Acquisitions: a More Substantive Approach Needed*
    INTELLECTUAL PROPERTY AND INFORMATION TECHNOLOGY DUE DILIGENCE IN MERGERS AND ACQUISITIONS: A MORE SUBSTANTIVE APPROACH NEEDED* Martin B. Robins† I. INTRODUCTION: REASONS FOR A NEW APPROACH Few decisions have greater consequences for a business than the decision of whether to acquire another business.1 In today’s world, one of the key determinants of a business’s value is the value of its intellectual property (“IP”) and information technology (“IT”).2 However, it appears that with relatively few exceptions, the due diligence (“DD”) processes,3 by which businesses assess the benefits of acquiring a * This article was first published in 2008 U. ILL. J.L. TECH. & POL’Y 321 (2008). † Mr. Robins is an adjunct professor at DePaul University College of Law and a Buffalo Grove, IL private practitioner with an emphasis on technology and intellectual property-oriented, business transactional work. He holds a B.S. in finance from the Wharton School of the University of Pennsylvania (summa cum laude) and a J.D. from Harvard Law School (cum laude). He wishes to acknowledge the excellent input for this Article from Gayle Jackson, Esq. Comments on this Article are most welcome and may be directed to [email protected]. 1. Lee Gomes, H-P’s IBM Envy Drives Deal, WALL ST. J., May 14, 2008, at B8 (“Few things a company can do are taken more seriously than a big acquisition. Because that often means betting the farm . .”); see, e.g., ROBERT F. BRUNER, DEALS FROM HELL: M&A LESSONS THAT RISE ABOVE THE ASHES 95–340 (2005) (describing in detail the potentially dire consequences of acquisitions gone awry, including large losses and, sometimes, liquidation for companies, such as Penn Central, Revco Drugstores, Quaker Oats, Snapple, Mattel, The Learning Company, and others, as well as the positive consequences from a deal done well); David Enrich, CEOs Grapple with Subprime Beast: Pandit of Citigroup Plots a Turnaround but Not a Breakup, WALL ST.
    [Show full text]
  • Assurance on XBRL Instance Document: a Conceptual Framework of Assertions
    Assurance on XBRL Instance Document: A Conceptual Framework of Assertions Rajendra P. Srivastava Ernst & Young Professor and Director Ernst & Young Center for Auditing Research and Advanced Technology School of Business, The University of Kansas 1300 Sunnyside Avenue, Lawrence, Kansas 66045 Email: [email protected] and Alexander Kogan Department of Accounting and Information Systems Rutgers Business School – Newark and New Brunswick Rutgers University 180 University Avenue, Newark, NJ 07102-1895 Email: [email protected] 1 Assurance on XBRL Instance Document: A Conceptual Framework of Assertions ABSTRACT XBRL stands for extensible business reporting language. It is an XML based computer language for reporting business information. Starting December 2008, the United States Security and Exchange Commission (US SEC) has a proposal requiring top 500 public companies to file their financial statements with the SEC not only in the text format (i.e., in ASCII or HTML) but also in the XBRL format. The file created using XRBL language is called an XBRL instance document. Under this requirement, the filers are not required to obtain a third party assurance on the XBRL instance document. The main reason for not requiring a third party independent assurance of XBRL instance documents is to encourage filers to comply with the SEC requirement without incurring much added costs. In addition, to encourage the filers to comply with this requirement, the SEC is not holding filers legally liable of any errors in the filed XBRL instance documents so long as they look similar to the standard reports when viewed using the SEC viewer. Even though the SEC is not currently requiring a third party assurance of the XBRL instance documents of the SEC filings, it is in the best interest of the public that these documents be assured.
    [Show full text]
  • OIG-18-031 Financial Management: Audit of the Bureau
    Audit Report OIG-18-031 FINANCIAL MANAGEMENT Audit of the Bureau of Engraving and Printing’s Fiscal Years 2017 and 2016 Financial Statements December 19, 2017 Office of Inspector General Department of the Treasury This Page Intentionally Left Blank DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 OFFICE OF December 19, 2017 INSPECTOR GENERAL MEMORANDUM FOR LEONARD R. OLIJAR, DIRECTOR BUREAU OF ENGRAVING AND PRINTING FROM: James Hodge /s/ Director, Financial Audit SUBJECT: Audit of the Bureau of Engraving and Printing’s Fiscal Years 2017 and 2016 Financial Statements I am pleased to transmit the attached subject report. Under a contract monitored by our office, KPMG LLP (KPMG), an independent certified public accounting firm, audited the financial statements of the Bureau of Engraving and Printing (BEP) as of September 30, 2017 and 2016, and for the years then ended, and provided an opinion on the financial statements, an opinion on management’s assertion that BEP maintained effective internal control over financial reporting, and a report on compliance with laws, regulations, and contracts tested. The contract required that the audit be performed in accordance with U.S. generally accepted government auditing standards, Office of Management and Budget Bulletin No. 17-03, Audit Requirements for Federal Financial Statements, and the Government Accountability Office/President’s Council on Integrity and Efficiency, Financial Audit Manual. In its audit of BEP, KPMG found • the financial statements were fairly presented, in all material respects, in accordance with U.S. generally accepted accounting principles; • management’s assertion that BEP maintained effective internal control over financial reporting as of September 30, 2017, was fairly stated in all material respects; and • no instances of reportable noncompliance with laws, regulations, and contracts tested.
    [Show full text]
  • Statutory Audit and Eligibility for Appointment As Internal Auditors in Public Companies Under Section 138 of the Companies Act, 2013
    WEBINAR on the Opinion of the Council of Institute of Cost Accountants of India on Statutory Audit and eligibility for appointment as Internal Auditors in Public Companies under section 138 of the Companies Act, 2013 CMA B. B. GOYAL Former Addl. Chief Adviser Cost Ministry of Finance, Government of India What is Internal Audit? • Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. • It assists the organization to accomplish its objectives by bringing a systematic, & disciplined approach to evaluate and improve the effectiveness of • risk management, • control, and • governance processes. • IA provides an assurance relating to • Effectiveness of operations, • Reliability of financial management and reporting, and • Compliance with laws and regulations. August 15, 2020 B B GOYAL 2 Legal Provisions on Internal Audit • Section 138 of the Companies Act 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014 - following class of companies shall be required to appoint an internal auditor • every listed company; • every unlisted public company having – • paid up share capital of Rs.50 crore or more during the preceding financial year; or • outstanding deposits of Rs.25 crore or more at any point of time during the preceding financial year; and • every unlisted public company or private company having – • turnover of Rs.200 crore or more during the preceding financial year; or • outstanding loans or borrowings from banks or public financial institutions exceeding Rs.100 crore or more at any point of time during the preceding financial year: Legal Provisions on Internal Auditor • Section 138 (1) Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company.
    [Show full text]
  • Executing Risk-Based LUST Site Closures in R10 Indian Country
    UNITED STATES ENVIRONMENTAL PROTECTION AGENCY REGION 10 1200 Sixth Avenue, Suite 900 Seattle, WA 98101-3140 OFFICE OF COMPLIANCE AND ENFORCEMENT Reply To: OCE-082 MEMORANDUM SUBJECT: Executing Risk-Based LUST Site Closures in R10 Indian Country FROM: Rob Rau, Ground Water Unit TO: Interested Parties Purpose and Statement of Problem: The purpose of this memo is to provide guidance in executing risk-based leaking underground storage tank (LUST) site closures in Region 10 Indian Country based on human health considerations. It is also intended to promote a consistent decision making process that can address unique site considerations and circumstances. Closing LUST sites that do not meet lookup cleanup concentrations may range from the use of formal risk assessment procedures with the imposition of institutional controls such as deed restrictions, to making a best professional judgment determination that a site does not pose an adverse health risk based on the evaluation of a conceptual site model developed from site-specific data. With this understanding, Region 10 recognizes that between a clean site closure and a comprehensive site-specific risk assessment there is a continuum of activities that could comprise a risk-based closure strategy. In general however, more robust and thorough scientific site evaluations are always preferred, and it is generally not appropriate to close a contaminated site that does not meet cleanup standards simply because it is “good enough” or because it is not practical to do more cleanup. Since few risk-based LUST site closures have been completed at EPA-lead sites, and many questions remain regarding technical implementation and policy decisions, this memo should be regarded as a “living” document, and reevaluated and updated regularly as additional policy decisions are made both regionally and nationally.
    [Show full text]
  • Agenda Item 545 Fifth Avenue, 14Th Floor Tel: +1 (212) 286-9344 New York, New York 10017 Fax: +1 (212) 856-9420 Internet: 3-A
    IFAC Education Committee Meeting Agenda 3-A Stockholm, August 2004 DRAFT IES INTERNATIONAL FEDERATION OF ACCOUNTANTS Agenda Item 545 Fifth Avenue, 14th Floor Tel: +1 (212) 286-9344 New York, New York 10017 Fax: +1 (212) 856-9420 Internet: http://www.ifac.org 3-A IES 8 EDUCATION REQUIREMENTS FOR AUDIT PROFESSIONALS CONTENTS Purpose and Scope of this Standard Introduction and Background Effective Date Knowledge Content for Audit Professionals Professional Skills Professional Values, Ethics and Attitudes Practical Experience Requirements Assessment of Professional Capabilities and Competence Continuing Professional Development Education Requirements for Audit Professionals Involved in Transnational Audits Page 1 of 18 IFAC Education Committee Meeting Agenda 3-A Stockholm, August 2004 DRAFT IES Purpose and Scope of this Standard 1. This Standard prescribes the specific education requirements IFAC member bodies should require their individual members to obtain before they may work as audit professionals. 2. The aim of this Standard is to ensure professional accountants have acquired the specific professional knowledge, professional skills and professional values, ethics and attitudes required to work as competent audit professionals. Audit professionals also need to maintain a level of competence which the public expects of those working in audit. Life-long learning will therefore be required to develop and maintain professional competence (see also International Education Standard for Professional Accountants 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence). 3. An audit professional is a professional accountant whose role is to undertake the general audit function and who has substantial involvement in an audit assignment. Substantial involvement in an audit assignment requires the professional accountant to make significant judgment decisions assisting in the formation of the audit opinion.
    [Show full text]
  • Rehearsing Emotions the Process of Creating a Role for the Stage
    ACTA UNIVERSITATIS STOCKHOLMIENSIS Stockholm Studies in Sociology New series 45 Rehearsing Emotions The Process of Creating a Role for the Stage Stina Bergman Blix ©Stina Bergman Blix and Acta Universitatis Stockholmiensis, Stockholm 2010 ISSN 0491-0885 ISBN 978-91-86071-41-7 Printed in Sweden by Universitetsservice US-AB, Stockholm 2010 Distributor: eddy.se ab, Visby, Sweden Front cover photos: To the left: An actor displaying grief by G.B. Duchenne, taken from “The Expression of Emotions in Man and Animals” by Charles Darwin (1872), reproduced by Jens Östman. To the right: An actor displaying grief © Stina Bergman Blix. In memory of my beloved sister Clara Contents Acknowledgements .................................................................................... xi Introduction ..................................................................................................1 1. Stage Actors, Roles and Emotions......................................................7 Dramaturgical Theory .................................................................................................7 Playing and Playing at ...........................................................................................8 The Relationship between Actor and Character ............................................10 Emotion Work in Role Playing............................................................................12 Double Agency ......................................................................................................19 Emotion Theory..........................................................................................................23
    [Show full text]
  • Guide for Financial Statement Audits and Compliance Attestation Engagements of Lender Servicers Administering the Federal Family Education Loan Program
    Lender Servicer Audit Guide September 2020 GUIDE FOR FINANCIAL STATEMENT AUDITS AND COMPLIANCE ATTESTATION ENGAGEMENTS OF LENDER SERVICERS ADMINISTERING THE FEDERAL FAMILY EDUCATION LOAN PROGRAM U.S. DEPARTMENT OF EDUCATION OFFICE OF INSPECTOR GENERAL 2020 Lender Servicer Audit Guide September 2020 Table of Contents ABBREVIATIONS AND ACRONYMS ......................................................................................................................... 4 CHAPTER 1 – GENERAL REQUIREMENTS ................................................................................................................ 5 A. INTRODUCTION .......................................................................................................................... 5 A.1. PURPOSE AND APPLICABILITY ...................................................................................................5 A.2. BACKGROUND ..........................................................................................................................5 A.3. EFFECTIVE DATE AND IMPLEMENTATION ..................................................................................6 A.4. ENGAGEMENT PERIOD AND SCOPE...........................................................................................7 A.5. REPORT DUE DATES AND SUBMISSION .....................................................................................7 A.6. COORDINATING FINANCIAL STATEMENT AUDITS AND COMPLIANCE ATTESTATION ENGAGEMENTS 8 B. PROFESSIONAL STANDARDS .......................................................................................................
    [Show full text]
  • Comparison of a Financial Audit and Financial Review
    The Community Foundation requires that all organizations that submit applications to our competitive grant programs must receive a financial audit or a financial review. These are both terms used to describe levels of financial analysis completed by an “auditor,” meaning someone external to the nonprofit organization (generally a CPA or accounting firm). Here is more detailed information on what is meant by these terms: Comparison of a Financial Audit and Financial Review Attribute Audit Review Engagement performed for the purpose of providing The auditor obtains a high, but not Accountant obtains limited assurance an opinion or report about whether the financial absolute, level of assurance about that no material modifications should statements are presented fairly in conformity with whether the financial statements are be made to the financial statements generally accepted accounting principles free of material misstatement CPA obtains an understanding of internal control Yes No over financial statements CPA tests the effectiveness of internal control Frequently, but not always. The No nature and extent of internal control testing depends on the auditor’s judgment and conclusions pertaining to risk assessment CPA verifies certain balances and transactions with Yes No third parties CPA performs procedures to obtain reasonable Yes No assurance that financial statements are free of material misstatements whether caused by fraud or error Financial statements are the responsibility of Yes Yes management Financial statements are prepared
    [Show full text]